28th March BTC let's just predict doomsday scenario
With the market being so bearish, there is really nothing for bulls be hoping for other than failing trend lines and fake triangles. The next support is 7500 and I doubt it will hold since we have bounced from there previously. The next level to watch is 6200 which will be easily reached once 7500 is broken. Ultimately the level I am watching to load up on Bitcoins is under 4750, the cheaper the better. Alt coins will be dumped in this final crash and people will go back to fiat which will fuel the decline of Bitcoin also.
We still need to remember that most alt coins don't even have a working product to show yet they are valued at billions, that is ridiculous for any company. Some coins are downright scams...asking people to donate to them to reveal a company name that they may be working with. This is so obviously so that they could collect the coins at one place and dump it at any upmove. They have people to pay for the development and the only viable way is to sell coins. The lower the price of coins, the more they have to sell, when they run out, they ask from their "loyal" fans to give them more.
I would not be suprised if any big name coins will either be labeled as scams by the media or just die off, eventually their real motives will be revealed. Special mention to a certain privacy coin where developers always miss deadlines they set, keep asking for money and have an army of bots to make it look like they have a huge fan base......this coin will die a horrible death and to any hodlers of this coin, salute! *lowers flag*
Supports to watch out for BTC
8000
7500
6200
5600
4750
4200
3600
Reasons to remain bearish
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price has been rejected at the 38.2 retracement from the 11700 fall
4. 4H MACD is down
5. Daily MACD is down
6. No increasing volume on daily seen yet that typically signifies a bottom
We still need to remember that most alt coins don't even have a working product to show yet they are valued at billions, that is ridiculous for any company. Some coins are downright scams...asking people to donate to them to reveal a company name that they may be working with. This is so obviously so that they could collect the coins at one place and dump it at any upmove. They have people to pay for the development and the only viable way is to sell coins. The lower the price of coins, the more they have to sell, when they run out, they ask from their "loyal" fans to give them more.
I would not be suprised if any big name coins will either be labeled as scams by the media or just die off, eventually their real motives will be revealed. Special mention to a certain privacy coin where developers always miss deadlines they set, keep asking for money and have an army of bots to make it look like they have a huge fan base......this coin will die a horrible death and to any hodlers of this coin, salute! *lowers flag*
Supports to watch out for BTC
8000
7500
6200
5600
4750
4200
3600
Reasons to remain bearish
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price has been rejected at the 38.2 retracement from the 11700 fall
4. 4H MACD is down
5. Daily MACD is down
6. No increasing volume on daily seen yet that typically signifies a bottom
Comment:
exactly what happened, price action is very powerful indicator, you have to learn how to read it.
exactly what happened, price action is very powerful indicator, you have to learn how to read it.
Notice price broke through 8k and went back to test it yesterday and failed. That is a sign that price will go down.